Securities Industry Commentator by Bill Singer Esq.

October 24, 2017

A.G. Schneiderman-Led Bipartisan Coalition Of 25 AGs Calls On Secretary Devos To Reject Student Loan Servicing Industry's Demand For Immunity From State Law Oversight And Enforcement (New York Attorney General Press Release). 

A bipartisan coalition of Attorneys General and officials representing 25 states sent a letter to U.S. Department of Education Secretary Betsy DeVos urging her to reject what was characterized as a "campaign by student loan servicers and debt collectors to dismantle state oversight of the student loan industry." READ a full-text copy of the October 23rd letter.

Renewable Fuel Trader Pleads Guilty to Conspiracy (United States Department of Justice Press Release #17-1186)

According to the DOJ Press Release, Gregory Schnabel, owner of GRC Fuels of Oneonta, New York, pleaded guilty in the United States District Court for the Southern District of Ohio to having:

engaged in a scheme with other co-conspirators to fraudulently claim EPA renewable fuels credits (also known as "RIN" credits) and tax credits on fuel that did not qualify for the credits, on fuel that had already been used to generate credits, and on fuel that was exported or otherwise used contrary to EPA and IRS regulations.

Schnabel bought and sold fuel from several individuals who have already pleaded guilty for their roles in the scheme . . .

The scheme purportedly generated in excess of $47 million in fraudulent EPA renewable fuels credits, and over $12 million in fraudulent tax credits connected to the purported production of renewable fuel. As part of his plea, Schnable purportedly agreed to pay over $13 million in restitution to the IRS.

Too Many Questions In Edward Jones TOD Account FINRA Arbitration

In a Financial Industry Regulatory Authority ("FINRA") Arbitration Statement of Claim filed in November 2016, Claimant Koontz asserted one cause of action: "misrepresentations." Yeah, just one word of complaint. What caught my attention about today's featured FINRA arbitration, however, was its caption -- and what invoked my ire was a lack of content and context about what appears to be an interesting TOD dispute. READ